Wix Payments: The Difference Between Account Types
5 min read
While setting up your Wix Payments account, you're asked to select an account type depending on how you do business. Usually, this can be either an individual or a business account.
There may be other account types available with specific requirements for your region, such as a sole proprietor in the United Kingdom, or as a sole proprietor in Italy.
Selecting the correct account type will help you to manage your Wix Payments account in the best way for your business.
In this article, learn about:
Individual accounts
Choose this account type if you're doing business as an individual. We recommend this option if you don't have an EIN or a relevant company registration ID.
If you're a sole proprietor in the United Kingdom or Italy, read below for regional differences.
Payouts are sent to your personal bank account. While registering your details, make sure that the name in your Wix Payments account matches the bank account holder's name. For example, if you've created a Wix Payments account under Lisa Harrison but the associated bank account is listed as "Lisa's Cupcakes", the transfer will fail.
Before creating a Wix Payments individual account, make sure you meet the following requirements:
- Acceptable identification: A valid (non-expired) driver's license, government issued ID card or passport.
- Address: You need to provide a physical address. PO boxes are not accepted.
- Business description: Include a brief description of your business, stating the type of products or services you sell and their prices. For more information, see our best practices for merchants.
- Bank account details: The name of the bank account holder needs to match the personal details provided for the Wix Payments account. Please note that only a personal bank account can be used.
Business accounts
Choose this account type if you're doing business as a company (Partnership / LLC / Corporation / NGO*).
Payouts are sent to your business bank account. Before creating a Wix Payments business account, make sure you meet the following requirements:
- Business documents: Your business must have an EIN or the relevant company registration ID for your country. Business details must be exactly as they appear on the company registration document
- Company address: You need to provide a physical address. PO boxes are not accepted.
- Bank account details: The details of the bank account holder needs to match the business details provided during set up. Your bank account must be a business account registered under your company's name.
Note: If you register a personal bank account, transfers will fail. - Account representative: You'll need to add at least one business owner or account representative with a significant role in managing the business. All business owners and account representatives will need to provide a valid photo ID and have it verified (driver's license, government issued ID card, or passport).
Using a "Doing Business As" alias?
- Choose the account type that matches your bank account. For example, if your bank account is an individual account you should create an individual Wix Payments account as well.
- After your account is approved, add your DBA name in your statement descriptor so your bank recognizes the payouts.
Regional account types
You may see alternative account options when setting up your Wix Payments account.
Currently, regional differences apply to the following locations / account types:
- Sole proprietor (United Kingdom): UK sole proprietors are required to submit a Unique Taxpayer Reference (UTR) number when setting up their Wix Payments account. Acceptable ID, business bank account details and a physical address are also required.
- Sole proprietor (Italy): Sole proprietors in Italy are required to submit a codice fiscale number when setting up their Wix Payments account. Acceptable ID, bank account details and a physical address are also required.
Account differences
Check the table below to understand the main differences between each account type.
Requirements | Individual Account | Business Account | Italy Sole Proprietor | UK Sole Proprietor |
|---|---|---|---|---|
Minimum age of 18 yrs | Yes | Yes | Yes | Yes |
Personal documents | Yes | Yes | Yes | Yes |
Business documents | No | Yes | Yes | Yes |
Personal bank account | Yes | No | Yes (Or Business) | No |
Business bank account | No | Yes | Yes (Or personal) | Yes |
Physical address | Yes | Yes | Yes | Yes |
Premium plan | Yes | Yes | Yes | Yes |
Company registration / EIN | No | Yes | Yes | Yes |
Business description | Yes | Yes | Yes | Yes |
Account representative | No | Yes | No | Yes |
On occasion, we may require additional information and / or documentation in order to verify your account. If this applies to your account, we will contact you.
FAQs
Click the questions below to learn more about setting up a Wix Payments account.
I'm a sole proprietor in the UK. Which account type should I choose?
I have a partnership in the UK. What business registration number am I required to submit?
I'm a sole proprietor in Italy. Which bank account type should I choose?
My NGO is an unregistered charity. Can I use Wix Payments?
How should I upload documents to Wix Payments?
What happens if my account information doesn't match my documents?
Did this help?
|